Benchmarks ended virtually unchanged on Friday after touching fresh record highs earlier, as investors paused to consolidate gains while betting on impending rate cuts in the United States and India. The Sensex slipped 13.71 points or 0.02 per cent to close at 85,706.67, while the Nifty eased 12.60 points or 0.05 per cent to settle at 26,202.95.
The session was marked by mixed performance across heavyweight stocks and sectoral rotation, with market participants digesting India’s robust second-quarter GDP growth of 8.2 per cent, up from 7.8 per cent in the previous quarter. “Markets traded lackluster on Friday and ended almost unchanged, taking a breather after hitting a fresh record high,” said Ajit Mishra, SVP Research at Religare Broking Ltd. “On the index front, the Nifty edged slightly higher in early trade, but a mixed trend across heavyweight stocks kept the momentum in check throughout the session, eventually closing flat at the 26,205 level.”
Sectoral performance was uneven, with Nifty Auto advancing 0.6 per cent to hit a fresh record high and Nifty Pharma gaining 0.6 per cent, supported by resilient retail demand and improving trends across segments. Media stocks also posted gains of up to 1 per cent. However, Nifty Oil & Gas declined 0.7 per cent, while Financial Services and Realty sectors slipped 0.4 per cent and 0.2 per cent, respectively. Power and telecom stocks also witnessed losses of 0.5-0.7 per cent.
Among individual stocks, Mahindra & Mahindra emerged as the top gainer on the Nifty50, surging 2.17 per cent to ₹3,761.00, followed by Sun Pharma which rose 1.20 per cent to ₹1,832.00. Adani Enterprises gained 1.20 per cent to ₹2,282.00, while Kotak Mahindra Bank advanced 0.71 per cent to ₹2,125.10 and Eicher Motors added 0.66 per cent to ₹7,045.00. On the losing side, SBI Life led the decliners, falling 1.72 per cent to ₹1,970.00, followed by HDFC Life which dropped 1.36 per cent to ₹767.20. Power Grid declined 1.35 per cent to ₹270.00, Shriram Finance fell 1.35 per cent to ₹855.95, and Bharti Airtel shed 0.74 per cent to ₹2,100.00.
Broader markets underperformed the benchmarks, with the Nifty Midcap 100 declining 0.11 per cent to 61,043.25 and the Nifty Smallcap 100 falling 0.27 per cent to 17,829.25. Market breadth remained subdued, with 1,960 stocks advancing against 2,197 declines on the BSE, where 4,312 stocks were traded. Notably, 117 stocks hit 52-week highs while 161 touched 52-week lows, and seven stocks ended in the lower circuit.
“Sentiment improved following constructive progress in India-US trade negotiations,” noted Bajaj Broking Research. “With Q2 GDP and IIP data due shortly, the overall outlook remains upbeat, and the upcoming prints are expected to validate the strengthening macro environment.” Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, added that “domestic sentiment was supported by robust macro data, with India’s Q2 GDP growing at 8.2 per cent, up from 7.8 per cent in the previous quarter.”
In the currency market, the rupee traded weak, depreciating by 8 paise to close at 89.43 against the dollar as the dollar index remained range-bound near 99.75. “The overall trend stays weak, with the rupee consistently facing a hurdle near 89.25 due to persistent dollar strength and mixed FII activity,” said Jateen Trivedi, VP Research Analyst at LKP Securities. “With no clear progress on the India-US trade deal and uncertainty still dominating sentiment, rupee weakness may continue toward the 90.00 mark.”
Gold prices traded positive, gaining ₹600 to settle at ₹1,26,075 as Comex gold rose by $16 to $4,175. “With US economic data yet to flow in after the government reopening, upcoming releases will be crucial for the Fed as it prepares for the final policy meeting of 2025 on December 10 – where a rate cut is widely anticipated,” Trivedi noted.
Looking ahead, analysts expect markets to maintain a positive bias. “We maintain a positive outlook and recommend continuing with a ‘buy on dips’ approach as long as the Nifty holds above the 25,900-support zone, with a potential upside target near 26,500,” Mishra said. Investors will focus on the upcoming RBI policy decision next week, along with India and US PMI releases, US core PCE inflation data, and initial jobless claims, which could provide further direction to markets.
Published on November 28, 2025
